Prestige Car Refinishing Ltd - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 04578732 (England and Wales)

PRESTIGE CAR REFINISHING LTD

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 NOVEMBER 2014

Page

Company Information

1

Abbreviated Balance Sheet

2

to

3

Notes to the Abbreviated Accounts

4

to

5

DIRECTORS:

T R Barnett

Mrs J A Barnett

SECRETARY:

Mrs J A Barnett

REGISTERED OFFICE:

61 Rothersthorpe Crescent

Far Cotton

Northampton

NN4 8JD

REGISTERED NUMBER:

04578732 (England and Wales)

ACCOUNTANTS:

Phipps Henson McAllister

Chartered Accountants

22-24 Harborough Road

Kingsthorpe

Northampton

NN2 7AZ

FIXED ASSETS

Intangible assets

2

167,600

188,550

Tangible assets

3

210,344

199,428

377,944

387,978

CURRENT ASSETS

Stocks

72,649

80,253

Debtors

494,237

368,528

Cash at bank

110,093

34,228

676,979

483,009

CREDITORS

Amounts falling due within one year

546,731

470,382

NET CURRENT ASSETS

130,248

12,627

TOTAL ASSETS LESS CURRENT LIABILITIES

508,192

400,605

CREDITORS

Amounts falling due after more than one year

(42,099

)

(32,836

)

PROVISIONS FOR LIABILITIES

(28,623

)

(19,584

)

NET ASSETS

437,470

348,185

CAPITAL AND RESERVES

Called up share capital

4

40,000

40,000

Profit and loss account

397,470

308,185

SHAREHOLDERS' FUNDS

437,470

348,185

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2014 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 28 January 2015 and were signed on its behalf by:

T R Barnett - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance

leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 December 2013

and 30 November 2014

419,000

AMORTISATION

At 1 December 2013

230,450

Amortisation for year

20,950

At 30 November 2014

251,400

NET BOOK VALUE

At 30 November 2014

167,600

At 30 November 2013

188,550

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 December 2013

710,817

Additions

69,987

Disposals

(108,629

)

At 30 November 2014

672,175

DEPRECIATION

At 1 December 2013

511,389

Charge for year

46,072

Eliminated on disposal

(95,630

)

At 30 November 2014

461,831

NET BOOK VALUE

At 30 November 2014

210,344

At 30 November 2013

199,428

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

40,000

Ordinary

£1

40,000

40,000